Deutsche analyst said, "There is a lot to like about Flowers including a solid operating track record in fresh bread & rolls, experienced management, low-cost production, and potential from LT category consolidation. But we remain cautious on difficult category dynamics (input cost pressure, irrational competitors) and full valuation."

Raises FY12 EPS estimate from $0.98 to $1.02 and FY13 from $1.05 to $1.12.